WHOLE LIFE INSURANCE
Whole life insurance provides unmatched benefits by offering permanent coverage, cash value accumulation, and consistent premiums. It’s a versatile financial tool that grows with you, providing lifelong protection and a reliable source of financial security. Discover the advantages that make whole life insurance a valuable part of your long-term financial strategy.
Provides coverage for your entire life, ensuring a death benefit payout no matter when you pass away.
Premiums remain consistent throughout your life, helping with long-term financial planning.
FAQ
Whole life insurance provides coverage for your entire life as long as premiums are paid. It combines a death benefit with a cash value component that grows over time. Premiums remain level throughout the policyholder's lifetime, and part of each premium payment goes towards building the cash value, which grows at a guaranteed rate and may also earn dividends depending on the insurer’s performance.
Cash value is a savings component of a whole life insurance policy that grows over time. It is funded by part of your premium payments and accumulates on a tax-deferred basis. The cash value can be borrowed against or used to pay premiums, and it can also be used to increase the policy’s death benefit or purchase additional insurance.
Upon your death, the cash value of the policy is typically not paid out separately; instead, the death benefit paid to your beneficiaries includes the cash value. The total death benefit will be the face amount of the policy plus any accumulated cash value, minus any outstanding loans or withdrawals.
You can designate anyone as a beneficiary, including family members, friends, charities, or organizations. It’s important to ensure that your beneficiary designation aligns with your wishes and update it as needed to reflect changes in your life.
If you cancel your whole life insurance policy, you may receive the accumulated cash value minus any outstanding loans or fees. If you cancel in the early years of the policy, the cash value may be relatively low. Additionally, you will lose your death benefit coverage.
The cash value accumulates based on your premium payments and the guaranteed interest rate provided by the insurance company. Additionally, some policies may pay dividends based on the company’s financial performance, which can enhance the growth of your cash value. The accumulation is tax-deferred, meaning you won't pay taxes on the growth until you withdraw or borrow from it.
Whether you’re just starting out on your own or thinking about protecting your family, we’ll help you find a balance between financial protection and financial growth.